Index Archive

17 June 2012

Minister Sunil Tatkares son Aniket Tatkare company shares sold at sky high price and buy back rock bottom – Times Expose

India –
Maharashtra –

Sunil Tatkare is a water resources minister in Maharashtra state.

His son name is Aniket Tatkare.
Sunil Tatkare got business in many fields like

1. real estate

2. hotels

3. financial services

4. dairy farms

when one has to do business one has to start a private limited company.

Thus Minister and his family also started different private limited companies in various fields.

TOI investigated and reported that

Several of the private limited companies of Minister issued shares to individuals and small firms at sky high premiums.
TOI reported that in one case premium was 49 times its face value and bought them back after some time at rock bottom prices.

Example -
suppose face value of share is 100 Rs.
Then share was sold at Rs. 4900.
After few months buy it back at rock bottom prices.

Further TOI reported that
Another firm, which funded some of Tatkare's firms, has a share capital of Rs 1 lakh, but received an unsecured loan of Rs 3,50o Crore in the first year of its incorporation in 2008.

Multiventure Financial Services Pvt Ltd has its registered office in Nariman Point's Maker Chambers V, an expensive commercial building.
The company declared an accumulated loss of Rs 24 lakh till last year, yet managed to sell 19,000 shares of Rs 100 each to five Kolkata-based firms at a huge premium of Rs 1,90o per share.
Multiventure's loss was no deterrence for investors— it got share application money of Rs 7 Crore during the financial year ending March 31, 2011.

Company name - Next Technologies (India) Pvt Ltd

Year 2006 – Company issued 1, 90,575 shares with a face value of Rs 10 each at a premium of Rs 390 per share and collected close to Rs 8 Crore
Year 2010 –
On May 15, 2010, these shares were bought back by three
of Tatkare's associate companies at just Rs 11 per share. The three firms are Multiventure Financial Services (87,173 shares), Multiventure Properties (87,172 shares) and Multiventure Fisheries (1, 16,230 shares), which paid a total of Rs 32 lakh for the buyback

Year 2006 Sold at Rs. 8 Crore and Year 2010 buy back price is only Rs. 32 Lakh.

Company Name - Multiventure Properties Pvt Ltd
Year – 2009 - Multiventure Properties Pvt Ltd showed an accumulated loss of over Rs 2 lakh [A loss making company]
But same year Multiventure Properties Pvt Ltd sold 35,600 shares (face value of Rs 10 each) at a premium of Rs 490 per share in September 2009.
Company collected Rs. 2 Crore.
Seven Months later – 30, April 2010 -
these shares were bought back by per share, or a total of Rs 3.56 lakh.

Year 2009 sold at Rs. 2 Crore and year 2010 buy back price isRs 3.56 lakh

What happened in 7 months prices went so low?

What company did before 7 months and after 7 months?

Do you think CBI inquiry is required?

Company name - Multiventure Agro and Infra Pvt Ltd

Year March 2009 –Company issued issued 1.75 lakh shares (face value of Rs 10 each) at a premium of Rs 90 per share
After year later –
Above shares were bought back by Bay Tree Agri Farms and Appleberry Agro Tech for Rs 10 each or a total of Rs 17.5 lakh.

TOI also reported that his family and friends control over 300 acres of farmland through over two dozen companies in Raigad.

Do you understand now how our politicians become rich; this is one of the methods of becoming rich.

Why business people bought shares of loss making company by paying premium?

Do you think they got paid in another form?

Do you think funds get adjusted somewhere?

I do not know its method of converting black money into white money?

May be Minister and his associates are very honest and godly people and we do not know truth.